NEW YORK ? Occidental Petroleum Corp. said Tuesday that higher oil prices and improving margins in its chemicals and pipeline business helped boost company profits 71 percent in the second quarter.
The Los Angeles oil and natural gas producer reported earnings of $1.82 billion, or $2.23 per share, for the April-June period. That compares with $1.06 billion, or $1.31 per share, for the same part of 2010. Revenue increased 34 percent to $6.17 billion.
The results beat Wall Street expectations of $2.15 per share on revenue of $5.79 billion, according to FactSet.
Occidental said it sold oil for an average $103.12 per barrel in the second quarter, 39 percent higher than the same period last year. Prices also increased 2 percent for dry natural gas to $4.27 per 1,000 cubic feet.
Production rose about 2 percent to 715,000 barrels of oil equivalent per day. Sales were flat, however, as uprisings in the Middle East and North Africa hampered its business in the region. Libya's six-month rebellion has effectively shut down production and sales from fields that Occidental partly owns.
Meanwhile, Occidental's chemicals business more than doubled earnings to $253 million. Profit at the oil marketing and pipeline business surged more than 14-fold to $187 million.
Shares fell 37 cents to $107 in premarket trading.
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